Post by
Cashhhhstore911 on Oct 24, 2014 4:39pm
Pay for head office employees
This is quoted from 11th report of the monitor from FTI website:
" Under the Transition Services Agreement, the Purchaser
agrees to provide two months base pay to certain head office
employees who are employed by the Vendor on the Closing
Date on the date that their services are no longer required or
the term of the Transition Services Agreement expires up to
a maximum of $370,000. "
Other employees being laid off get no severance or termination pay as company is under CCAA!!! but it seems HO employees are immune.
Comment by
apikon on Oct 27, 2014 12:02pm
Keyword: "Purchaser" That is Money Mart agreeing to compensate a select list of head office employees to stay til the transition has completed, hence the name "Transition Services Agreement." It's not severance or termination pay, it's incentive to convince key employees to stay to make the transition go smoothly.